Is an increase in GDP good for America?
A. Yes
B. No
C. Maybe
Ans: C. Maybe
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The cross-price demand for capital (relative to the wage) may slope up or down.
Answer the following statement true (T) or false (F)
A production possibilities curve shows the various:
a. prices that can be charged for capital and consumption goods. b. combinations of prices and outputs that can be produced. c. combinations of goods the economy has the capacity to produce. d. combinations of resources and prices that the economy can produce.
If a firm can change market prices by altering its output, then it
A. Has market power. B. Is a price taker. C. Is a competitive firm. D. Faces a horizontal demand curve.
If the firm is minimizing losses, it is producing ___ units of output and charging a price of ___.
A. OM; ON
B. OL; ON
C. OM; OF
D. OL; OF